Good Month for Mortgage Insurers
Underwriters that are members of the Mortgage Insurance Companies of America wrote $10.1 billion of primary new insurance in September, the group’s third best month of the year.
The performance also marks the third month in a row the group has written $10 billion or more in policies. MICA’s figures include coverage written on HARP loans.
In August, MICA members wrote $11.3 billion in coverage, in September 2011, just $4.9 billion.
Furthermore, for the fourth consecutive month, primary insurance-in-force has increased -- this time by $1.1 billion to $399 billion.
Only three of the five active underwriters belong to MICA: MGIC, Radian and Genworth. United Guaranty and Essent, plus the three companies in run-off (Triad, PMI and RMIC) are not included in the new volume, insurance-in-force or delinquent loan data.
The cure/default ratio for September was 75.7%, down from August’s 83.5% and September 2011’s 80.4%.
There were 18,968 cures and 25,049 new defaults reported.